If you’re stopping by the office, please consider adding to the collections the NJCPA is making to help fill the coffers of the Community FoodBank of New Jersey. Since 2010, the NJCPA has donated more than 20,000 pounds of food items to the FoodBank. This year our...
Starting soon, the financial statements of nonprofit organizations will contain lots more information about the non-financial contributions they receive, such as fixed assets, materials, supplies, intangible assets and services. FASB ASU 2020-07 requires that:...
For years, our Team has adopted families for the holidays. This effort is always coordinated by Maureen Wild, who even happily shops for the non-shoppers among us. Last year we did something a little different and had a toy drive for the children served by CASA (Court...
Background The Pension Protection Act of 2006 first allowed taxpayers age 701/2 or older to make tax-free charitable donations directly from their IRAs. Technically, these taxpayers were allowed to exclude from gross income otherwise taxable distributions from their...
If you give someone money or property during your lifetime, you may be subject to federal gift tax. The federal gift tax exists for one reason: to prevent taxpayers from avoiding the federal estate tax by giving away their money before they die. When it comes into...
While there may be a lot of wisdom in the proverb “May your charity increase as much as your wealth,” there can also be wealth in properly planning your charitable giving. This wealth is derived from the economic benefit that can result from tax savings achieved by...
